Manhattan Real Estate Market Update: Mar. 21, 2023

There's a forsythia tree near the arch in Washington Square Park that's the first tree we see blossom every March. Those little bright yellow flowers always put us in a good mood, because we know spring is here. So how is the early spring real estate market kicking off in Manhattan?

Currently there are 7,786 units listed for sale, up 5% from the previous year. However, prices are stagnant, with a slight downward trend. Factors like inflation and potential interest rate decreases have led to buyer hesitation. Sellers are also cautious, resulting in a "neutral market."

While contracts are being signed, market indicators point to a slower market. The average number of days on the market is 103, a 21.2% increase year-to-date (though a 1.9% decrease from last year).

One market was particularly robust last week: Luxury. A total of 21 contracts were signed for properties prices $5M+: seventeen condos, two co-ops, and two townhouses.

April is when the spring market traditionally kicks off in earnest, before petering out the end of June. Then it's sluggish until late September/early October. Overall, it's a landscape with both opportunities and challenges for sellers and buyers. We're here to help you navigate it, so don't hesitate to reach out with any questions.